NEW YORK & LOS ANGELES--(BUSINESS WIRE)--Magnite (NASDAQ: MGNI), the world’s largest independent omnichannel sell-side advertising platform, announced that its total connected TV (CTV) revenue grew over 50% in the third quarter YOY. Magnite’s specialized CTV technology and platform is the preferred SSP for content producers that must manage and monetize their growing CTV inventory, as well as advertisers looking to reach valuable audiences across the globe.
Advertisers are shifting spend to CTV as consumers are cutting the cord. eMarketer estimated in September that over a third of US households will be unreachable by a pay TV connection by 2024. Magnite enables advertisers to find those audiences across CTV. In fact, advertisers in the technology, direct to consumer (DTC), and consumer packaged goods (CPG) verticals running CTV campaigns with Magnite increased their spend by 176%, 159% and 86% respectively between Q3 2019 and Q3 2020. Automotive, retail, technology, CPG and DTC were the top CTV spend categories on Magnite’s platform in Q3 2020, with the number of DTC advertisers increasing 130% YOY.
The success Magnite has seen in advertiser spend is directly tied to the company’s ability to provide scaled inventory with the most premium CTV publishers in fully transparent transactions. Eight of the company’s top 10 demand side platforms more than doubled their CTV spend on Magnite’s platform from Q3 2019 to Q3 2020 and all of the top 10 grew year over year. Magnite also saw a 57% increase in CTV ad requests over the same time period.
Magnite’s CTV addressability capabilities, which enable data-driven targeting not possible in linear TV, have also seen strong gains. The number of advertisers that used audience targeting features on Magnite’s platform grew 2.5X between Q3 2019 and Q3 2020. Through Magnite’s platform, advertisers can find audiences based on household-level data and holistically optimize audience, contextual, and behavioral criteria to drive campaign performance.
“CTV has been a bright spot in a tumultuous year for publishers and advertisers alike as the move from linear television to connected television is accelerating at an unprecedented rate and our technology is powering this change,” said Katie Evans, Chief Operating Officer at Magnite. “With more content than ever being viewed through CTV, including live sports and news, this is really just the beginning of the tipping point. On top of that, nearly 60% of CTV inventory will be bought programmatically by next year according to eMarketer, which puts Magnite in a great position given our expertise in the programmatic space. Simply put, CTV is here to stay and our advanced technology is ready to power our publisher partners’ growth.”
“Amid a year of many challenges in the space, Magnite has proven to be a trusted partner that unlocked significant CTV opportunities for us,” said Ken Ripley, Vice President of Ad Sales at Newsy. “Magnite’s commitment to making the programmatic buying experience more simple, streamlined and effective for CTV will go a long way in connecting more advertisers to our premium inventory.”
We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising platform that combines Rubicon Project’s programmatic expertise with Telaria’s leadership in CTV. Publishers use our technology to monetize their content across all screens and formats—including desktop, mobile, audio and CTV. And the world's leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in sunny Los Angeles, bustling New York City, historic London, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM and APAC.